The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context

Using insights from institutional theory, sociology, and entrepreneurship we develop and test a model of the relationship between centralized and decentralized institutions on entrepreneurial activity. We suggest that both decentralized institutions that are socially determined as well as centralized institutions that are designed by governmental authorities are important in promoting firm foundings in the environmental context. In a sample of the U.S. solar energy sector we find that state-sponsored incentives, environmental consumption norms, and norms of family interdependence are related to new firm entry in this sector. Our findings also suggest that the efficacy of state-level policies in the sponsoring of entrepreneurial growth is dependent upon the social norms that prevail in the entrepreneur's environment. We expand entrepreneurship theory and the study of institutions and the natural environment by demonstrating the integral role that social norms play in influencing the creation of new firms and by illustrating the potential effect social norms have on the effect of policy that seeks to encourage environmentally responsible economic activity.     

Hadfields Ltd: its annual general meetings 1903–1939 and their relevance for contemporary corporate social reporting

Little attention has been given to studies of the historical antecedents of corporate social reporting (CSR). The paper looks at the disclosures made by Hadfields Ltd and other British companies at the beginning of the 20th century, and finds that these included topics such as economic, political and industrial relations conditions, in a style analogous to that employed in CSR reporting today, during periods of difficulty and conflict for the reporting companies. The paper concludes that these findings support the argument that CSR may be less a reflection of a new relationship between companies and society than another form of what Milne calls ‘advocacy advertising’.     

Social impacts of new communications media the Japanese experience

The author maps the emergence of new communications media in Japan and discerns major trends. He classifies their major social roles as information request, social participation, and enhanced dialogue. Social experiments with such media are necessary to guage and improve their acceptability to their intended users. Furthermore, significant impacts on social activities are anticipated when a new medium gains acceptance.     

Moving from the lab to the field: Exploring scrutiny and duration effects in lab experiments

The most important issue facing experimental economists is the generalizability of lab results. This letter examines more than 1200 doctor/patient consultations, in which scrutiny and duration of treatment were varied. We show that scrutiny has an important but short-lived effect.     

Social aspirations in European banks: peer-influenced risk behaviour

We test a sample of 3,586 banks from 33 European countries to determine whether performances above or below a social aspiration level (median performance of peer banks) influence banks’ aggregate risk levels. Our results are consistent with the behavioural theory of the firm and prospect theory in that we find that bank performance below a bank’s social aspiration level is followed by increased aggregate risk, i.e. risk-taking behaviour in the subsequent year. Although under-performing banks tend to be risk-takers, large banks and banks with high aggregate risk levels tend to limit the increase in their aggregate risk levels.     

The economic analysis of social norms: A reappraisal of Hayek’s legacy

This paper is organized as follows: first, we show that the reference to the notion of group selection is coherent with the other parts of Hayek’s thought. Second, we develop the idea that recent works in terms of the emergence and evolution of social norms corroborate in part Hayek’s theses in this domain. Finally, we put to the fore some drawbacks in Hayek’s approach and propose means to solve them.